Mobile cryptocurrency Electroneum [ETN], has established itself as the first crypto in the world to introduce Know Your Customer (KYC) procedure for all app users. User monitoring will become compulsory from November 12.
We have become the world’s first KYC-compliant cryptocurrency! This is an industry defining move. Find out what this will mean for the future of ETN. All is revealed in this new blog from our Founder and CEO Richard Ells.
Check it out here: https://t.co/kY6Al1ctdf
— electroneum (@electroneum) October 5, 2018
Electroneum CEO Richard Ells said:
Today marks the third time Electronuem has broken new ground in the cryptocurrency world. We were the world’s first mobile cryptocurrency, we developed the world’s first cryptocurrency instant payment API and today we are the world’s first KYC-compliant cryptocurrency.
Electroneum has partnered with RegTech company Yoti for the regulatory technology. Yoti is a dedicated KYC service provider. Ells believes the move is crucial to turn the Electroneum ecosystem into recognized fintech in order to rival other payment systems:
This will help us evolve from a cryptocurrency into a recognized means of digital payment like PayPal or Apple Pay, which will enable us to help our core market: smartphone users in developing and emerging countries.
The KYC process requires each user to provide proof of identification based on the amount of ETN they hold or send from their wallets. Together with its partner, Electroneum plans to “shake up” the FinTech world without risking security.
According to Tom White of Yoti, users will only need to create their Yoti profile one time, after which it can be used to repeatedly confirm their identity in seconds any time it’s needed.
Despite all the Problems ranged from wallets locked for months, lost coins on exchanges because of the privacy feature, as well as a mining freeze. However, the Electroneum project keeps marketing itself as a unique coin with the potential for mass adoption and slowly expands in the crypto ecosystem.